Naira gradually regaining strength, as demand for forex maintains decline.

The continued decline in the volume of foreign exchange supplied to the retail market indicates that the naira is gradually strengthening against other international currencies, the Central Bank of Nigeria, CBN, said on Wednesday. For some time, authorized forex dealers have not been able to clear the amount of dollars supplied by the bank as…… Continue reading Naira gradually regaining strength, as demand for forex maintains decline.

Nigeria imports over $100m worth of sugar annually – CBN Governor

Nigeria spends over $100 million on the importation of sugar which can be locally grown, Godwin Emefiele , the Governor of the Central Bank of Nigeria (CBN), revealed on Sunday. According to Emefiele, sugar production is part of the bank’s core aspect of the anchor-borrower programme. He said in order to achieve the goal of…… Continue reading Nigeria imports over $100m worth of sugar annually – CBN Governor

CBN sanctions 12 banks for forex abuse.

The Central Bank of Nigeria (CBN) yesterday sanctioned 12 banks for manipulating its foreign exchange forex policies. It barred the banks from accessing forex from the newly instituted SMEs Forex Window. The affected banks refused to sell forex to genuine SMEs that met disbursement requirements. Confirming the development, CBN Spokesman, Isaac Okorafor, said only eight…… Continue reading CBN sanctions 12 banks for forex abuse.